IMO Dr. G wants to maintain as large an equity position in Cardiogenics as he can, which lead him to execute the first PIPE with Saunders for less money than he needed to fund the Company and complete his development of the techology platforms.

Now Saunders (or others) will fund this second PIPE at a price per share less than half of the first PIPE. Should this second PIPE prove insufficient to fund the Company through licensure of the POC Analyzer, then we will see a third financing which will further reduce Dr G's equity stake.

Thus Dr G is being "played" by Saunders and potentially others.

Ante